Ask Question
30 June, 11:12

The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue $ 58,322 Cash 51,907 Accounts Receivable 8,426 Interest Expense 2,530 Accounts Payable 5,500 Operating Expenses 47,241 Deferred Revenue 1,476 Equipment 22,746 Income Tax Expense 2,916 The following activities occurred in 2019: Performed advertising services on account, $69,000. Received cash payments on account, $13,400. Received deposits from customers for advertising services to be performed in 2020, $4,500. Made payments to suppliers on account, $5,500. Incurred $56,450 of operating expenses; $48,950 was paid in cash and $7,500 was on account and unpaid as of the end of the year. What is the balance of Accounts Receivable at December 31, 2019

+2
Answers (1)
  1. 30 June, 11:27
    0
    Check the explanation

    Explanation:

    Particulars Amt

    Opening Cash 51907

    Add: Cash Received (13400+4500) 17900

    Less: Payment to supplier 5500

    Less: Operating Expenses Paid 48950

    Closing Cash Balance 15357
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers